Marcus & Millichap Brokers Deals

 

Marcus & Millichap brokered the following sales:

 

• Rockport Boat & RV Storage, a two-property facility in Rockport, Texas. The seller was a Texas-based LLC, as was the buyer.

• Land for a new facility in Carol Stream, Illinois, for developer Hernandez Construction & Development.

 

Boardwalk Opens in Georgia

 

Boardwalk Development Group has opened the first building at Boardwalk Storage in Canton, Georgia.

 

Platinum Gains Bridge Loan

    
Talonvest Capital negotiated a $20 million bridge loan for Platinum Storage Group for a facility in Oakland, California.

 

MakoRabco Grows Sales Force

 

Donna Morgan-Esquibel and Cristian Batres have joined the sales team of MakoRabco. Morgan-Esquibel will cover the coastal south, including Alabama, Georgia, South Carolina and North Carolina, while Batres will cover Florida.

 

ARCO/Murray, Metropolis Complete Nevada Asset

 

ARCO/Murray and Metropolis Development Group delivered a new storage facility in Las Vegas, Nevada. Public Storage will manage the facility.

 

Storage Transaction Volume Rises

 

Self storage transaction volumes totaled $3.36 billion in the first half of 2024, slightly above the first half of 2023, according to Cushman & Wakefield’s US Self Storage Market Trends & Investor Survey. Self storage cap rates have increased by 90 basis points from a Q4 2022 low to 5.9% in Q2 2024. The Midwest and Southwest regions experienced the greatest levels of decline in rent per available square foot.

 

Diamond Point Plans New York Project

 

Diamond Point Development will build a new storage facility in Mahopac, New York, near the town of Carmel. The project is expected to open in the 4th quarter of 2025.

 

True Storage To Convert Walmart

True Storage will convert a former Walmart in South Bend, Indiana, to storage. CubeSmart will manage the property.

 

North Palisade Plans Major Spend

 

North Palisade Partners plans to spent $400 million on self storage properties over the next 36 months. The company will start by acquiring facilities and later do ground-up developments, targeting undersupplied areas with dense populations, such as Los Angeles, Washington D.C. and Seattle.

 

Yardi: Rents Continue to Sink

 

All top metros saw negative movement in advertised asking rents in August, according to Yardi Matrix. Rates averaged $16.31 per square foot in the 23rd consecutive month of declines.

 

DXD Plans Nantucket Facility

 

DXD Capital broke ground on a new storage facility in Nantucket, Massachusetts. SmartStop will manage the facility.

 

Storage Authority Projects Advance

 

Three owners of Storage Authority franchises are moving ahead with projects in New Jersey, Michigan and Virginia. The Michigan project is a conversion.

 

CubeSmart Adds New Jersey Contract

 

CubeSmart will manage a self storage facility in Howell, New Jersey, owned by TFE Properties.